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Scholarships for the Elderly

Just as the elderly have given back to the community through scholarships, it's time to complete the circle with postretirement scholarships

Photo of Christina Wang
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Who is your idea designed for and how does it support the dreams and obligations of those 50 and older?

This idea is designed for those are 50 and older and it is meant to support their dreams and obligations through drawing from a community pool of scholarships - specifically initiated and partnered with financial services.

This scholarship program would be specifically designed to build trust between the elderly and financial services as well as building upon the community's ties. Financial services would (1) identify the current demographic of each city they reside in through different resources (i.e. surveys, city statistics) and (2) use that demographic to reach out to the community under 50 to start building a pool of funds designated for these scholarships. After doing so, they can (3) use the demographic to understand how to proportionally create scholarships available for the elderly's different needs (i.e. medical, daily living, education, etc). Through this process, the financial services are not only gaining the trust and cooperation from the community, but they are also creating a platform of trust between themselves and the elderly. 

What early, lightweight experiment might you try out in your own community to find out if the idea will meet your expectations?

Begin interviewing different financial services within a selected community to see how this would affect their company. On the other side, we could also interview different members within a selected community to see how engaged they would be with this project.

What skills, input or guidance from the OpenIDEO community would be most helpful in building out or refining your idea?

Any input or guidance about how financial services can be integrated with people from different cities, different types of communities & how they might respond or be affected by this idea, how cities are currently providing for the elderly, different partnerships that could form from this idea, etc.

Tell us about your work experience:

I am currently a college student.

Please check all that apply:

  • I'm not currently involved in a credit union, but am curious to learn more!

This idea emerged from

  • An Individual

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Photo of Nicole Lopez-Conti
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Hi Cristina,

Thanks for your contribution!

It sounds like funds would be raised for younger folks (under 50) for older folks (50+) to take care of various expenses, is that right?

Might be interesting to think about narrowing the scope on the types of things contributors may get excited about giving to. Thought leaders in modern philanthropy encourage giving-objectives to be 1) very specific and 2) positively compelling (i.e. people are more willing to contribute to a cause when they feel its likely they can make positive change). 

Perhaps rather than contributing to a fund for living expenses, contributors may get excited/involved in contributing to things like a 60 year old skydiving or swimming with sharks for the first time etc.

How might our sponsors or the credit union movement support this? Might a scholarship matching fund of sorts be interesting?

Looking forward to seeing this idea move along!

Nicole

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